JPMorgan Gaining Mutual Fund Market Share

Although JPMorgan Chase took in $16.8 billion into its stock and bond funds in the first nine months of this year, making it the fourth best-selling fund house.

Currently, with $79.8 billion under management in its mutual funds, JPMorgan ranks as the 15^th largest provider of mutual funds, up from 21^st at the end of 2007.

“The bank came out of this turmoil in a strong position, and that translates to asset management,” Morningstar Analyst Greg Brown told Bloomberg.

Although JPMorgan began advertising its funds in September for the first time, it will be interesting if it continues to go toe-to-toe with such fund giants as Fidelity “to grow the business,” added Geogg Bobroff, president of Bobroff Consulting.

In its most recent earnings report this week, for the third quarter, JPMorgan said its earnings soared sevenfold and that in its mutual fund division, revenue rose 6% but net income soared 23%.